Still, Ross — who made much of his own fortune in real estate development — noted in a recently released interview with Yahoo Finance that a housing downturn could be imminent when asked if we’re getting close to another bubble.

“We're certainly not starting something fresh. You know, we're at a point now where I think there will be a slowdown because it has to happen,” said Ross, who stopped short of saying that there’s a housing bubble.

Ross, who is primarily responsible for the polarizing Hudson Yards development on Manhattan’s West Side, made his comments in a conversation that aired on Yahoo Finance in an episode of “Influencers with Andy Serwer,” a weekly interview series with leaders in business, politics, and entertainment.

Stephen Ross speaks with Yahoo Finance's Andy Serwer.

Ross noted that the housing slowdown would come amid an inevitable broader downturn in the economy. “Things don’t go straight up, so you know at some point, we’re at a recession,” he said.

To be sure, lower interest rates may be giving the housing market a temporary boost. But the housing market still faces a number of longer term problems, including a lack of adequate inventory due to a construction labor shortage.